Iran told Shell it must commit itself to developing a $10 billion (£5 billion) gas field in the country by June or risk the project going to a rival.
The Guardian reported Europe’s largest oil and gas company has delayed making a final decision on the grounds of soaring costs but also in the knowledge that a decisive move would put it in political conflict with Washington at a time of mounting tension over Tehran’s uranium enrichment program.
Shell’s British competitor, BP, said three years ago it would not pursue business in Iran.
Iran’s oil minister has been losing patience with Shell and Total of France over deals to develop phases 11 and 13 of the huge South Pars field, and this week issued an ultimatum.
Negotiations with a number of Asian companies have already started, and they are likely to replace Shell and Total if the two continue to prevaricate.
There has already been speculation that Gazprom of Russia is keen to muscle in on the deal, while Sinopec of China has signed a $2 billion contract to develop the Yadavaran oilfield.
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